Fossil fuel such as coal, natural gas, oil and recently shale gas are perhaps the most economically viable means for energy generation but are laden with inexhaustible environmental consequences. Thus, biofuel development has received tremendous support from all quarters in response to quest for energy security and clean energy. However, the rapid rate of development of bioenergy has also raised concern chiefly for its nexus with food security with some scholar considering it a disaster especially for countries in the global south. Due to her prime location along the equator, and the generally favourable climatic conditions all through the year, Nigeria is considered to have enormous potential for bioenergy development. Unfortunately, Nigeria is also highly ranked in the 2018 Global Hunger Index (GHI) of International Food Policy Research Institute (IFPRI). Rested mainly on exploratory approach, this study analyses the bioenergy potential of Nigeria and the implications of the fast-rising market on food security in the Nigerian context. Critical investigation on the food crop-bioenergy trade-offs was conducted while bioenergy development implications were analysed in the context of the four dimensions of food security. Lastly, mitigative measures to bioenergy development impacts were discussed and one key proposition is need to strengthen the second and third generation technology for biofuel production in Nigeria.